Canadian Magazine Industry News
8 December 2011,     MONTREAL
Transcontinental's profits drop in fourth quarter
Transcontinental's revenues decreased in the fourth quarter, but the printing and publishing giant still managed more revenue this fiscal year than the last.

The company's fiscal year-end numbers were released today, showing revenues of $537.5 million in Q4, compared to $556.4 million in the same quarter last year, a drop of three per cent. Its net income plummeted from $44.5 million in the final quarter last year to only $8 million this past quarter.

Transcontinental's overall net income for 2011 was $84.6 million, way down from last year's net income of $173.4 million.

 

However, the company in a release still boasted about generating organic revenue and profit growth in 2011, noting it increased revenues for the year by one per cent "driven primarily by the printing sector as a result of numerous new contracts, most notably from the expanded relationship with the Globe and Mail, and to a lesser extent by increased volume in our distribution and community newspaper publishing activities."

The company added that growth was stunted by "lower volume from the printing of magazines, books and catalogues and marketing products as well as educational book publishing activities." Also shrinking profits was a reported a $52.2 million "goodwill impairment" charge in 2011, compared to $12.5 million in 2010.

Transcontinental said it reached almost $200 million in digital and interactive revenues in 2011. Transcontinental recently rebranded itself as TC Transcontinental "to better reflect our evolution into a leading player in the new marketing communications landscape" and to highlight the company's offerings including print, media, digital, interactive and mobile.
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